BARGAIN hunters ought not to overlook properties in need of extensive repairs. A federally backed lending program enables buyers to roll the cost of necessary fixes into their mortgage, which can sometimes yield a quick return on their investment.
Read more: http://tinyurl.com/arwewze
Canadian businesses saw less pressure on their production capacity in the fourth quarter and were concerned about demand over the next year, according to a Bank of Canada survey released on Monday that provided more reasons for the bank to delay an interest rate increase.
Still, in the central bank’s winter business outlook survey, conducted in November and December, companies were more upbeat about sales and investments than they were in the previous quarter’s survey, even though fears about the U.S. fiscal cliff were intensifying when the fourth-quarter survey was taken.
Read more: http://tinyurl.com/b4b2w9e
Regulators issued new mortgage rules on Thursday designed to prevent a return to lending practices that cratered the housing market and brought the financial system to its knees during the past decade. Here’s a look at some frequently asked questions:
Read more: http://tinyurl.com/b9lz7kt
HOME buyers trying to scrape together enough money to cover the typical 20 percent down payment frequently look to relatives for help.
Read more: http://tinyurl.com/czbjrsg
Ottawa may have to do more to tame Canadian households’ high levels of debt, the International Monetary Fund said on Wednesday.
Ottawa’s latest round of tighter mortgage regulations came over summer when it lowered the amortization period to 25 years from 30 years and cut the amount of money consumers could borrow against their home, among other changes.
While the real estate industry has been blaming the changes for the recent slowdown in sales, particularly in Vancouver and Toronto when November sales fell 29 and 16 percent, respectively, the IMF says more may be needed, as the debt-to-income level continues to creep higher.
Read more: http://tinyurl.com/cgvyjpr
WASHINGTON (AP) — Average rates on fixed mortgages fell this week near record lows.
Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan dipped to 3.32%. That’s below last week’s 3.34%. And it’s just above 3.31%, lowest rate on records dating to 1971.
The average on the 15-year fixed mortgage declined to 2.66% from 2.67% last week. The record low is 2.63%.
Read more: http://tinyurl.com/covkfmy
THIS year for the first time in their century-old history, credit unions are on track to surpass $100 billion in mortgage loan originations.
Read more: http://tinyurl.com/c6alqrn
The country’s mortgage brokers are taking aim at Jim Flaherty.
The Finance Minister’s moves to slow down Canada’s housing market have gone too far and are putting the economy at risk, the national mortgage brokers’ association argues in a report to be released Monday.
Read more: http://tinyurl.com/bmujvk8
THE extensive power failures that have paralyzed the region in the wake of Hurricane Sandy have understandably delayed closings in mortgage deals that had otherwise been buttoned up. But lenders are adding to the logistical bottleneck by requiring that properties in affected areas be reinspected for damage.
Read more: http://tinyurl.com/b68r3vn